Promise Kept: First Homes at The Rise to Be Affordable – February 2026

Friends,

I’m writing today with exciting news about the delivery of the first homes at The Rise.

A construction permit application has been submitted for The Rise’s first building, which will be 100% dedicated to affordable housing. With this milestone, 232 affordable homes—half of them family-sized two- and three-bedroom units—are expected to begin construction before the end of this year. We are pleased to partner with the nonprofit Eden Housing to deliver these critically needed homes.

Throughout the years of community conversations about the future of Vallco, there has been a shared commitment to making affordable housing a central part of this transformational neighborhood. This application delivers on that promise. It also reinforces our commitment to deliver affordable homes in the first phase, alongside the shopping, dining, entertainment and community spaces that will make The Rise a vibrant and welcoming place for residents and visitors alike.

Our Town Square West district, where these homes are situated, will feature 200,000 square feet of retail, dining and entertainment space, along with more than three acres of public parks and open space for gathering and recreation. Our first residents will move into The Rise with amenities already in place—and more arriving as this new neighborhood continues to take shape around them.

Looking ahead in 2026, we anticipate several additional milestones, including the submission of further construction permits. These next steps will advance parkland improvements, new roadways, utility infrastructure, and enhanced bike and pedestrian connections within the site and to the surrounding trail network. We are grateful for your continued support as this work progresses.

We have received many inquiries from residents interested in living at The Rise, and we expect interest to continue growing as these milestones are reached. The affordable homes will be rented with City oversight and in compliance with the City’s established priority placement procedures. We will share additional information about both affordable and market-rate housing opportunities as it becomes available.

In the meantime, please be sure you are signed up for our housing information list here. We look forward to keeping you updated on progress in the weeks and months ahead.

Once again, thank you for your interest and your support as we continue to collaborate with City staff, project partners and the community on the delivery of this long-awaited neighborhood and destination.

Sincerely,
Reed Moulds
The Rise Project Executive